Citibank unveiled a digital wallet application Citi Pay for customers to make seamless payments. Customers can load their credit card and debit card and make payments directly from their smart phones. Shoppers can use the app for making in-store -purchases at any store equipped with point of sale registers supporting NFC technology and can make payments without swiping their cards.

Citibank has reduced its loan against property rates for self employed customers with capital invested of upto Rs. 5 crores. The revised loan against property interest rate ranges from 9.50 percent to 10.25 percent depending upon loan amount. The floating rates are benchmarked to 3 month MCLR Base rate of Citibank. The borrower can also avail flexi overdraft facility with this loan. The new rates will be effective from 1st November, 2016.

Citibank India is working on instant disbursal of loans to cross-sell at a fast pace and expand its retail book. Citibank has launched instant personal loans, instant mortgage loan and instant credit cards for existing customers in the previous six to eight months. Citibank have been increasingly looking at online disbursal of loans and have been moving the entire process online. An online mortgage loan is available for pre-approved properties only. The initial response to Citibank online initiatives has been promising.

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